v3.26.1
Shareholders' Equity (Tables)
12 Months Ended
Jul. 03, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The following tables present the Company’s stock-based compensation expense for equity-settled awards by type, financial statement line, and the related tax benefit included in the Company’s Consolidated Statements of Operations:
202620252024
(in millions)
RSUs and PSUs$201 $171 $133 
ESPP31 1116
Total$232 $182 $149 
202620252024
(in millions)
Cost of revenue$19 $16 $20 
Research and development105 8171 
Selling, general, and administrative108 8558 
Subtotal$232 $182 $149 
Tax benefit(25)(22)(21)
Total$207 $160 $128 
Schedule of Stock-based Compensation Awards The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of July 3, 2026:
Unamortized Compensation CostsWeighted average service period
(in millions)(years)
RSUs and PSUs$327 2.33
ESPP71 0.99
Total unamortized compensation cost$398 
Schedule of Award Activity
The following table summarizes RSU and PSU award activity under the Company’s incentive plans during the year ended July 3, 2026:
Number of SharesWeighted Average Grant Date Fair Value
(in millions)
RSUs and PSUs outstanding at June 27, 20256.6 $38.98 
Granted3.3 66.93 
Vested(3.0)36.91 
Canceled/forfeited(0.3)41.24 
RSUs and PSUs outstanding at July 3, 20266.6 54.00 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair values of ESPP purchase rights have been estimated at the grant date using a Black-Scholes-Merton option pricing model with the following weighted average assumptions:
202620252024
Weighted-average expected term (in years)
1.250.93— 
Risk-free interest rate3.58 %4.02 %— %
Stock price volatility
0.53 0.56 — 
Dividend yield
— %— %— %
Fair value
$89.60 $11.85 $—